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LegalCornerTM - Business Bankruptcy - Chapter 7 or 11 F.A.Q.'s

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Q.What Kind of Bankruptcy Can A Business File?

A.Corporations, limited liability companies, and partnerships are separate legal entities and can file for either Chapter 7 liquidation, or Chapter 11 reorganization bankruptcy. A sole proprietorship is merely an extension of its owner, and therefore the individual owner must file either a Chapter 7, or Chapter 13, bankruptcy.

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